Ghana is introducing a new gold reserve policy that will require large-scale mining companies to sell part of their production to the state, creating a new framework for managing gold revenues in one of Africa’s leading gold-producing countries.
Starting 1 July 2026, Ghana will purchase 30% of gold output from large-scale mining companies under agreements reached with producers, according to Reuters. The government said the programme is intended to strengthen foreign-exchange reserves and support the expansion of domestic gold refining capacity. The policy increases state participation in the country’s gold sector while maintaining private mining operations.
GoldBod to purchase doré from mining companies
Under the revised arrangement, large-scale miners will sell 30% of their production to GoldBod, the state entity responsible for the programme, in doré form. Reuters reported that purchases will be made at a 0.55% discount to the Bank of Ghana’s reference rate and will be settled in Ghanaian cedis.
The programme is also connected to Ghana’s objective of obtaining London Bullion Market Association (LBMA) accreditation for at least one domestic refinery by 2030. The government’s strategy is aimed at increasing national gold reserves while developing local refining capabilities and strengthening Ghana’s role in the gold value chain.
Policy expands previous gold supply agreement
The new framework builds on a programme launched by Ghana in 2022. Through an agreement with mining companies represented by the Ghana Chamber of Mines, producers had previously committed to supplying 20% of annual gold output to the central bank. Reuters reported that Ghana sought to increase this annual state gold purchase level to 30%, with GoldBod taking a central role in managing gold exports under the updated system. The expanded programme gives the state a larger role in purchasing and managing domestically produced bullion while maintaining mining companies as operators.
Mining companies face new commercial considerations
The policy introduces additional considerations for gold producers operating in Ghana, including issues related to pricing, working capital requirements, settlement currency and export procedures. Companies with Ghanaian production assets or development projects are expected to be among those most affected by the new arrangement.
Reuters reported that discussions over the programme involved major miners including Newmont, Gold Fields and Zijin. The measure does not represent a transfer of mining assets to the state. Mining companies continue to operate their projects, while the government purchases a portion of gold production.
State involvement in gold markets increases
Ghana’s move reflects a broader trend among gold-producing countries seeking greater participation in the economic benefits generated by high bullion prices. The government has stated that increasing gold reserves can help strengthen foreign-currency holdings, support the national currency and provide additional sources of dollar income when required.
For the mining sector, the policy introduces a new factor in operating environments where governments are seeking greater control over mineral revenues and domestic value creation. Ghana’s gold purchase programme places greater emphasis on the role of bullion in national financial strategies alongside its traditional role as a mined commodity.
